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EU approves €2.8m Brexit scheme for fishing sector

The EU has given state aid rules approval to a €2.8m scheme to support the Irish fishery sector affected by the effects of Brexit.

The scheme is being financed under the Brexit Adjustment Reserve, which was set up offset the economic and social impact of Brexit.

Through it the owners of Irish fishing capacity which is not currently in use will receive direct grants in-return for giving it back to the Irish Sea Fisheries Board.

That so-called "off-register" capacity will be permanently withdrawn.

It will run until the end of this year.

The European Commission said the aid will be calculated on the basis of the market value of the capacity that is returned.

"The Commission found that the scheme facilitates the development of an economic activity and does not adversely affect trading conditions to an extent contrary to the common interest," the Commission said in a statement.

"On this basis, the Commission approved the Irish measure under EU State aid rules."

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